Abramson v. Bobbitt (In Re Bobbitt)

MEMORANDUM OPINION AND ORDER

ROBERT M. HILL, District Judge.

The bankrupts in this case (“Bobbitts”) filed a voluntary petition in personal bankruptcy in August, 1974. The Bobbitts’ principal asset was their home for which they claimed a homestead exemption. The home was purchased in 1969 for $121,222.44 at a time when the lot, exclusive of any improvements, was valued at $20,000. At the time of bankruptcy the Bankruptcy Court found that the lot had increased in value to $25,000, with the total value of the property set at $170,000. The Bankruptcy Court, applying a homestead exemption of…